Gemini lists Dogecoin as the trading frenzy crashes Robinhood for the second time.
Dogecoin still rises. It is now trading over $0.50 at $66 billion market cap.
Gemini bent under the pressure of the meme-crypto demand today, finally adding DOGE to its trading platform. Concurrently, Robinhood dropped after Dogecoin’s price surge over $0.50.
“Dogecoin is the people’s money. It’s organic, irreverent, and fun. It’s not forced on us by a government or some other central authority, it’s chosen by us, for us—by the people, for the people. Wow,”
Tyler Winklevoss, CEO of Gemini
The announcement came at a time for Dogecoin’s recent position is now the fourth most valued cryptocurrency.
Robinhood’s cryptocurrency service went down because of a surge in demand for the coin overpowering its servers. Just yesterday, eToro also listed Dogecoin, making the coin one of the cryptocurrencies listed outside the cryptocurrency exchanges.
Dogecoin’s Recent Value
Although a lot of cryptocurrency exchanges like Binance and Kraken listed Dogecoin, the listing of Gemini today marks a remarkable milestone in the crypto world as its CEO has thrown his support for the meme coin. In contrast, Coinbase still doesn’t support it, and there is still no sign of it yet.
As a move that is set to annoy Bitcoin enthusiasts, Winklevoss compared Dogecoin to Bitcoin in that both “give the control of money back to the people.” He said that Dogecoin carries the flag of Bitcoin. “Yes, it’s a meme coin, but all money is a meme. And all money is both an idea and a matter of faith or belief in it,” he elaborated, anticipating the common criticism and that in fact, Dogecoin has been invented as a joke.
However, Winklevoss didn’t lessen Dogecoin’s origin. In fact, he admired it saying, “It turns the idea of money being something that’s issued by an authority —a conceit—on its head.”
“They say there’s some truth in every joke. Dogecoin’s value is its punchline.”
If that sounds familiar, it is because Dallas Mavericks owner Mark Cuban basically said the exact thing yesterday. In a series of tweets, he called Bitcoin “financial religion,” and he praised Dogecoin:
“Yes, a joke is now legit,” he wrote.
Will Dogecoin Ever Last?
However, some critics say that the Dogecoin party is not gonna last. DOGE supply isn’t capped not like many cryptocurrencies like Bitcoin. In its design, 5 billion DOGE is released into circulation each year, and DOGE’s development team deserted the project many years ago, now no one can change it.
Tyler Winklevoss begs to differ on the facts about Dogecoin. He said that DOGE is “disinflationary.” Five billion Dogecoin will be a drop in the ocean when more people start trading the coin; and then the demand for DOGE will surpass its supply, he argued. With that, it is not any different from Ethereum, he stated, referring to the uncapped supply of Ethereum. However, unlike Dogecoin, there are solid plans to cap Ethereum’s supply.
“Recently, demand for Dogecoin has oustripped its supply. As a result, its price has been mooning. The people are speaking,” Winklevoss said.
Dogecoin is in for an adventure this week.
The self-styled Dogefather, Elon Musk, will make an appearance on May 8 as a host on Saturday Night Live. He is expected to boost “the people’s money,” and this anticipation fuelled the price by 10% last weekend.
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